Article 31 - Termination - Korea

ARTICLE 31 TERMINATION This Agreement shall remain in force indefinitely until terminated by a Contracting State. Either Contracting State may terminate the Agreement, through diplomatic channels, by giving notice of termination at least six months before the end of any calendar year beginning after the expiration of five years from the date of entry into force of the Agreement. In such event, the Agreement shall cease to have effect: (a) in India, in respect of income derived in any fiscal year on or after the first day of April next following the calendar year in which the notice is given; (b) in Korea, (i) in respect of tax withheld at the source on amounts paid or credited to non-residents, on or after the first day of January next following the calendar year in which the notice is given; and (ii) in respect of other taxes, for any taxable year beginning on or after the first day of January next following the calendar in which the notice is given. IN WITNESS WHEREOF the undersigned, duly authorized thereto by their respective Governments, have signed this Agreement. DONE in duplicate at Seoul, this 18th day of May, 2015, in the Hindi, Korean and English languages, all texts being equally authentic. In case of divergence of interpretation, the English text shall prevail. For the Government of For the Government of the Republic of India the Republic of Korea Anil Wadhwa, Yun Byung-se, Vice Minister of Foreign Affairs Minister of Foreign Affairs